(CHICAGO) – Hines, the international real estate firm, announced today the start of construction on the 60-story, 698-unit Wolf Point East luxury apartment tower. Wolf Point East represents the second phase of the overall Wolf Point Master Plan, a three-phase development designed by Pelli Clarke Pelli located on one of the last remaining riverfront sites in Downtown Chicago.
Wolf Point East will offer permanent, protected views down the south and east legs of the Chicago River, refined unit layouts and interior design schemes and a market-leading mix of indoor amenities and dedicated outdoor spaces. The site offers immediate access to the Chicago River Walk and easy access to multiple transit options.
Hines is developing Wolf Point East in partnership with long-time land owner, the Joseph P. Kennedy Family, and the AFL-CIO Building Investment Trust, advised by PNC Realty Investors.
“Our goal at Wolf Point has always been to create long-term value for Chicago and its residents. Wolf Point East furthers our investment in the City and contributes to the evolution of one of its most exciting amenities: the river,” commented Chris Kennedy.
Hines Senior Managing Director Jim Walsh added, “We continue to see intense demand for high-quality spaces in which to live, work and play along the Chicago River and we believe that Wolf Point East is well-positioned to satisfy the demands of Chicago’s sophisticated downtown residents.”
Bank of America Merrill Lynch led the construction loan financing for the project in conjunction with ULLICO, Citizens Bank and ING Real Estate Finance. Walsh Construction is serving as the general contractor and Pappageorge Haymes Partners is the Architect of Record. Initial turnover of units is projected to occur in late 2019.
Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 189 cities in 20 countries and $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world, and historically, has developed, redeveloped or acquired 1,205 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with over $6 billion in gross assets as of March 31, 2017. Since beginning operations in 1988, the BIT has invested over $6.3 billion for the development and acquisition of more than 200 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. The BIT is managed by PNC Bank, National Association (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corporation provides, marketing, investor relations, and labor relations.
